Hong Kong home prices are predicted to increase by double digits by the end of 2017 despite slower pace of growth in recent months, according to a Knight Frank report Tuesday.

The monthly report examines all the real estate sectors in Hong Kong, including residential, office and retail.

In the residential market, prices have been trending upward since April 2016, although the velocity was subdued over this summer. In July, home prices were up slightly—0.1%— compared with June, according to Knight Frank, citing the latest government data.

However, sales volume remained strong, rebounding by 14.2% to 4,014 month-over-month in August. With no interest rate change in sight, the robust activity will push prices to increase 10% to 13% at the end of the year, according to Knight Frank.

Luxury homes, which typically comprise the top 5% of the market, will likely see a decent price gain from 5% to 10% in 2017 compared to 2016.

Mid-Levels, a stretch of neighborhood between the prime Central and The Peak, performed well among luxury sales. Last month, a luxury apartment in Mid-Levels West was sold for HK$159 million (US$20.37 million), commanding HK$67,992 (US$8,713) per square foot.

Home prices per square foot in Mid-Levels increased 9.7% year-over-year to HK$28,461(US$3,647) in August, compared to a 4.7% increase in The Peak. Island South was the strongest performer in price-per-square-foot growth so far this year, with a 16.2% increase year-over-year.